In this study, a novel and simple diffractive spectrographic method for real-time measurements of circular dichroism (CD) is considered from a theoretical and experimental approach. A demonstrator prototype of the CD spectrograph has been developed and its performance has been compared with a commercial phase-modulation CD spectrometer. The main element of the device is a polarization holographic grating, recorded in a thin photosensitive organic film, by two interfering opposite circularly polarized beams. A peculiarity of this grating is that the amplitude of the +1 (-1) order of diffraction is proportional to the right (left) circular polarization component of the incoming beam. Here we demonstrate that the CD spectrum of a specimen can be easily evaluated from the intensities of the diffracted beams. A white light beam passing through the specimen is diffracted from the grating and the intensities of the +/-1 orders of diffraction are measured. Due to the spectral selectivity of the grating, the CD at each wavelength can be evaluated at the same time using two linear array detectors.